The National Fund grew in 11M22 despite increased transfers to the budget

KAZAKHSTAN - In Brief 07 Dec 2022 by Alexander Kudrin
Kazakhstan’s Ministry of Finance reported that the National Fund grew in 11M22 to around KZT28.6 trillion ($60.8 bn) from KZT28.0 trillion as of January 1. In dollar terms, the National Fund decreased, as it stayed close to $64.4 bn at the beginning of the year. As the tenge weakened from around $/KZT435 to $/KZT470 since the beginning of the year, the valuation effect was strong and helped the fund not to contract in local currency. Note that the fund’s management was such that it lost around $1.4bn due to global market volatility. At the same time, the fund transferred over KZT4.1trln to budgets of various levels in 11M22, which was close to $9bn. It implies that the revenue flow was strong, but the transfers were also very significant. In December, the National fund will increase outgoing transfers to help the republican budget catch up with the amended expenditure plan. Evgeny Gavrilenkov Alexander Kudrin

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